问题如下：
Assume the profit/loss distribution for XYZ is normally distributed with an annual mean of $20 million and a standard deviation of $10 million. The 5% VaR is calculated and interpreted as which of the following statements?
选项：
A.5% probability of losses of at least $3.50 million.
B.5% probability of earnings of at least $3.50 million.
C.95% probability of losses of at least $3.50 million.
D.95%probability of earnings of at least $3.50 million.
解释：
D is correct. The value at risk calculation at 95% confidence is: -20 million + 1.65 x 10 million = -$3.50 million. Since the expected loss is negative and VaR is an implied negative amount, the interpretation is that XYZ will earn less than +$3.50 million with 5% probability, which is equivalent to XYZ earning at least $3.50 million with 95% probability.
老师，看了你之前回答的另一个同学的答复，还是不敏白A错哪里了，A要怎么说才正确啊，A和D倒地怎么翻译。。是不是我的英文水平有问题。。。
